El Salvador, the first nation to adopt Bitcoin as legal tender, has increased its reserves to over 6,000 BTC, driving a significant $569 million growth in its treasury assets.
This milestone strengthens the Central American country’s commitment to Bitcoin as a key financial tool and marks it as the sixth-largest Bitcoin-holding nation globally.
Latest Bitcoin purchase elevates National reserve
On December 29, El Salvador added another Bitcoin to its growing reserve, bringing the total to 6,000.77 BTC. According to the country’s National Bitcoin Office, the current holdings are approximately $569.3 million. The portfolio tracker further revealed that the nation has seen a return on investment of 108.02%.
El Salvador made its first Bitcoin purchase on September 6, 2021, acquiring 200 BTC. Since then, it has consistently increased its holdings, with an average acquisition price of $45,450 per Bitcoin. President Nayib Bukele’s government continues to champion Bitcoin as a treasury asset, positioning the cryptocurrency as a symbol of financial independence.
Bitcoin strategy Defies IMF concerns
Despite warnings from the International Monetary Fund (IMF), El Salvador has accelerated its Bitcoin acquisitions. Recent data from BitBo’s Bitcoin Treasuries platform indicates that the country holds the sixth-largest Bitcoin reserve globally, trailing behind nations like the United States, China, and the United Kingdom.
El Salvador has also maintained a daily Bitcoin purchasing policy, occasionally making more significant acquisitions. Notably, the country purchased $1 million worth of Bitcoin shortly after securing a $1.4 billion deal with the IMF. Stacy Herbert, Director of the National Bitcoin Office, confirmed on December 19 that the nation plans to maintain its aggressive buying pace.
Financial freedom and global recognition
El Salvador has consistently highlighted Bitcoin’s positive impact on its economy. Vice President Félix Ulloa Jr. recently underscored this during a meeting with China’s Ambassador Zhang Yanhui, where he emphasized how Bitcoin has made El Salvador a global symbol of financial freedom.
According to Ulloa, the country’s Bitcoin reserve has now surpassed 6,217 BTC, solidifying its value at over $500 million. This growth reflects the nation’s commitment to using Bitcoin as a long-term financial asset.
El Salvador’s continued investment in Bitcoin underscores its confidence in the digital currency, even as global institutions express skepticism. This bold strategy has bolstered its national reserves and reinforced its reputation as a pioneer in cryptocurrency adoption.
The post El Salvador bolsters Bitcoin reserves, surpassing 6,000 BTC first appeared on Coinfea.
